$707 Million Incremental Growth in Ultrasonic Sensors Market Globally During 2020-2024 | North America to Account for 35% Growth | Technavio

The ultrasonic sensors market is expected to grow by USD 707.89 million, progressing at a CAGR of over 12% during the forecast period.

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Technavio has announced its latest market research report titled Global Ultrasonic Sensors Market 2020-2024 (Graphic: Business Wire)

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The growing demand for sensor technology in smart factories is one of the major factors propelling market growth. Industrial operators across the world are automating their existing factories to attain flexibility, enhance communication, and achieve precision in manufacturing operations. This is increasing the demand for smart factories backed with technologies such as ultrasonic sensors, which is driving the market. However, factors such as poor flexibility in detection coupled with the problem of heightened sensitivity will hamper growth.

Ultrasonic Sensors Market: Product Landscape

Based on the product, the market generated maximum revenue in the ultrasonic through-beam sensors segment. Ultrasonic through-beam sensors offer the shortest response time in comparison to other ultrasonic sensor-based products, which has increased their use in applications such as electrical meters, ultrasonic light switches, traffic management systems, and many other industrial applications that involve ultrasonic data transfer. This is one of the major factors driving the growth of the segment. The market growth in the segment will be significant over the forecast period.

Ultrasonic Sensors Market: Geographic Landscape

By geography, North America is going to witness lucrative growth during the forecast period. About 35% of the market’s overall growth is expected to originate from North America. The region is witnessing increased investments in process automation and smart production techniques to increase productivity by major MNCs. Also, governments in the region are making significant investments in the development of new weapons and defense systems. These factors are fostering the growth of the ultrasonic sensors market in North America.

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Companies Covered:

• Baumer Holding AG
• Honeywell International Inc.
• Keyence Corp.
• Murata Manufacturing Co. Ltd.
• OMRON Corp.
• Pepperl+Fuchs AG
• Robert Bosch GmbH
• Rockwell Automation Inc.
• SICK AG
• Siemens AG

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What our reports offer:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers market data for 2019, 2020, until 2024
• Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five force summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Ultrasonic through beam sensors - Market size and forecast 2019-2024
• Ultrasonic proximity sensors - Market size and forecast 2019-2024
• Ultrasonic retro reflective sensors - Market size and forecast 2019-2024
• Market opportunity by Product

Market Segmentation by Application

• Market segments
• Comparison by Application
• Industrial manufacturing - Market size and forecast 2019-2024
• Healthcare - Market size and forecast 2019-2024
• Food and beverage - Market size and forecast 2019-2024
• Automotive - Market size and forecast 2019-2024
• Petroleum - Market size and forecast 2019-2024
• Military and defense - Market size and forecast 2019-2024
• Market opportunity by Application

Customer Landscape

• Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers – Demand led growth
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Baumer Holding AG
• Honeywell International Inc.
• Keyence Corp.
• Murata Manufacturing Co. Ltd.
• OMRON Corp.
• Pepperl+Fuchs AG
• Robert Bosch GmbH
• Rockwell Automation Inc.
• SICK AG
• Siemens AG

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005076/en/